Largest credit union merger in history is approved.
Digital Federal Credit Union and First Tech Federal Credit Union cleared a key hurdle with NCUA approval, setting the stage for a member vote and the creation of the fifth-largest credit union in the country.
One year to the day after announcing plans to merge, Digital Federal Credit Union and First Tech Federal Credit Union received regulatory approval from the National Credit Union Administration for what is believed to be the largest credit union merger ever proposed in the United States.
The approval marks a major milestone in the creation of a nearly $30 billion financial institution that will operate under the First Tech name. The combined credit union will serve nearly two million members through more than 50 branches across eight states.
Based on second-quarter 2025 data from the NCUA, it would rank as the fifth-largest credit union in the country, just a tick behind Pentagon Federal.
The merger was initially announced on Sept. 30, 2024, by Marlborough, Mass.-based Digital Federal Credit Union, which holds $12.7 billion in assets and has nearly 1.2 million members, and San Jose, Calif.-based First Tech Federal Credit Union, which has $17 billion in assets and 704,000 members.
“This approval now sets the stage for a member vote during the fourth quarter,” wrote Greg Mitchell, First Tech’s president and CEO, in a LinkedIn post following the NCUA decision. He described the merger as a “union of shared values, parallel histories, and a mutual commitment to people helping people,” and emphasized its potential to drive innovation and deliver highly personalized member experiences.
Story continued below…
WEBINAR
The Brutal Truth: Long-Term Digital Banking Partnerships Aren’t Always Pretty
Wednesday, October 1, 2025 at 2 PM ET
In the banking world, fintech partnerships are not all rainbows and butterflies. This session shows you how to convert conflict and tension into long-term growth.
- How to spot cracks before a partnership collapses
- How to realign expectations on both sides when things get rough
- Techniques to repair trust after it’s been broken
- When to fight for the relationship… and when to walk away
- Actionable strategies that can be employed on both sides of digital banking partnerships
The combined credit union will adopt DCU’s charter, and the next step requires approval from First Tech’s membership. Voting will take place from October through December, administered by a third-party vendor in accordance with the credit union’s bylaws. First Tech will also hold a special membership meeting to announce the results.
Pending member approval, the merger is expected to close on January 1, 2026. Though officially combined at that point, both institutions will continue to operate under their existing brands throughout the year as they integrate technology systems and services.
Shruti Miyashiro, the current president and CEO of DCU, will lead the merged organization in the same role. Mitchell is expected to remain with First Tech through his planned retirement at the end of 2025.
“Uniting the nation’s two leading technology-focused credit unions will create a forward-looking, member-obsessed, digitally powered financial institution in the United States – a credit union that sets the standard for differentiated value,” Miyashiro said.
Once finalized, the merger will represent not only a consolidation of assets and members but also a strategic alignment of two technology-driven credit unions aiming to shape the future of digital-first financial services.
“This approval from the NCUA is a transformative moment, not just for First Tech and DCU, but for the entire credit union community.”
– Greg Mitchell
President & CEO
First Tech FCU
